[Pre-ANN][PoW] Hexagon - Crypto-currency built ground up from the community

[Doum]

I will follow you! Good luck!

Thanks for supporting the project!

[Doum]

Remember to vote on the poll to choose a Mining Algorithm! It will end once 200 votes have been reached! http://www.strawpoll.me/14428375/r

[oxyd_69]

I voted. Good Luck.

[ytrezq]

Can I suggest an additional proof of work for http://www.strawpoll.me/14428375 ?
Gigaequihash would allow ɪᴏᴛs devices like tablets to have a meaning for mining…

[Doum]

I voted. Good Luck.

Thanks for the help. I hope to see you in the Community Discord

Can I suggest an additional proof of work for http://www.strawpoll.me/14428375 ?
Gigaequihash would allow ɪᴏᴛs devices like tablets to have a meaning for mining…

The vote list isn't editable once it has been created, so you'll have to vote for a CPU favourable algo such as cryptonight.

[Doum]

Only 15 more votes needed before the mining algorithm is decided!
http://www.strawpoll.me/14428375
It's between CryptoNight & Equihash!

[sibirskiiuvalen]

in any case equihash wins( because its only 7 votes left

[ytrezq]

May I suggest a feature : stable crypto in decentralized way.

The aim is to perform like dynamic coin for variable miner reward plus adding a minimum miner transaction fee like what’s being done for other cryptos like clamcoin. Were if exchange rate would do down, a part of the fee would be send to nobody resulting in more coins destroyed than created (of course this imply a target exchange rate below 1:1 like 1000:1 but price would remain stable)

As result it would be the first coin to fully apply https://en.wikipedia.org/wiki/Quantity_theory_of_money in a decentralised way (unlike tether.to), though this might not work if maximum supply has a limited amount.
It would be the first coin created that would be able to achieve parity with the gold standard for a long time.

[Doum]

May I suggest a feature : stable crypto in decentralized way.

The aim is to perform like dynamic coin for variable miner reward plus adding a minimum miner transaction fee like what’s being done for other cryptos like clamcoin. Were if exchange rate would do down, a part of the fee would be send to nobody resulting in more coins destroyed than created (of course this imply a target exchange rate below 1:1 like 1000:1 but price would remain stable)

As result it would be the first coin to fully apply https://en.wikipedia.org/wiki/Quantity_theory_of_money in a decentralised way (unlike tether.to), though this might not work if maximum supply has a limited amount.
It would be the first coin created that would be able to achieve parity with the gold standard for a long time.

I like that idea, I wonder how tough it would be to implement into an actual cryptocurrency though, we'll definitely need other developers to help build this coin and implement these features into the code.

[ytrezq]

I like that idea, I wonder how tough it would be to implement into an actual cryptocurrency though, we'll definitely need other developers to help build this coin and implement these features into the code.

Basically, it would be mostly as simple as to fork https://github.com/DynamiccoinOrg : it has already implemented the mechanism for writing the target price for each transaction in the database as well as the mechanism for verifying if the amount of coins created in a specific transaction match the exchange rate (though dynamic coin no longer compiles on any platform currently and the method for finding the exchange rate is bugged so there’s maintenance work required).
But it has even an android wallet app.

What Dynamic Coin is missing is a destruction mechanism. Along the fact that the developer pre-mined 10 billions coins (too much in order to get capitalization exceeding supply), this is the reason Dynamic coin never reached it’s exchange rate.

The code for requiring a minimal transaction fee is well known and exists in several crytocurrencies.

The main part of the work would be to find how to send transactions fees to nobody (so for a transaction with a minimal transaction fee of 10, 20% goes to the miner, one coin is created and 8 coin are lost forever).


The problem is if such cryptocurrency would be pegged to a fiat currency instead of a physicall commodity, it won’t be possible to make profit from it. Because of course the requirement for not loosing value is also not gaining value. If gaining value would be the only requirement, we could end up with all the coins being distroyed which would mean the cryptocurrency would cease to exists. Though it would be still be very useful as a safe current account, especially in spite of ᴇᴄʙ recent plans to cancel deposit protection effectiveness partially

On the other side, I’m willing to help for development. Though I’m only available part time and my field is nearer ɪᴛɪʟ than Agile (so I’m not a professional developer).

[2bfree]

I like that idea, I wonder how tough it would be to implement into an actual cryptocurrency though, we'll definitely need other developers to help build this coin and implement these features into the code.

Basically, it would be mostly as simple as to fork https://github.com/DynamiccoinOrg : it has already implemented the mechanism for writing the target price for each transaction in the database as well as the mechanism for verifying if the amount of coins created in a specific transaction match the exchange rate (though dynamic coin no longer compiles on any platform currently and the method for finding the exchange rate is bugged so there’s maintenance work required).
But it has even an android wallet app.

What Dynamic Coin is missing is a destruction mechanism. Along the fact that the developer pre-mined 10 billions coins (too much in order to get capitalization exceeding supply), this is the reason Dynamic coin never reached it’s exchange rate.

The code for requiring a minimal transaction fee is well known and exists in several crytocurrencies.

The main part of the work would be to find how to send transactions fees to nobody (so for a transaction with a minimal transaction fee of 10, 20% goes to the miner, one coin is created and 8 coin are lost forever).


The problem is if such cryptocurrency would be pegged to a fiat currency instead of a physicall commodity, it won’t be possible to make profit from it. Because of course the requirement for not loosing value is also not gaining value. If gaining value would be the only requirement, we could end up with all the coins being distroyed which would mean the cryptocurrency would cease to exists. Though it would be still be very useful as a safe current account, especially in spite of ᴇᴄʙ recent plans to cancel deposit protection effectiveness partially

On the other side, I’m willing to help for development. Though I’m only available part time and my field is nearer ɪᴛɪʟ than Agile

99% of those who say they will get Fiat with their crypto are lying because they can't do it. How many easy cryto fiat exchange are there after 1000 have promised that. just look at allt he ICO say they will have you know it's a scam.

[Doum]

For now, we'll have a standard emission curve which halves every number of blocks. We still need to decide how many coins will be emitted in total.
I will make votes for that soon.

[ytrezq]

99% of those who say they will get Fiat with their crypto are lying because they can't do it. How many easy cryto fiat exchange are there after 1000 have promised that. just look at allt he ICO say they will have you know it's a scam.

As far I’m aware, all such cryptos claiming to do so only played on reducing or increasing inflation speed to some extent (while most of them just state it because it has a fixed maximum amount that can be created). Not decreasing total coin supply (or doing it in a centralized way which is like playing the role of a central bank). You effectively have fiat with https://tether.to, only as long one of their banks don’t go bankrupt (in which case their value drop down to almost 0) or the banking system of your country crash (which is why Zimbabwean can enjoy the rate of 1ᴜꜱᴅᴛ for 1.5 ᴜꜱᴅ due to black market fees for sending money out of the country for escaping capital controls).

The aim is to fully apply all parts of https://en.wikipedia.org/wiki/Quantity_theory_of_money which is definitely not scam but the basis of modern (post 70’s) economics theories. Decreasing the amount of coins available more than demand decrease must increase value since https://en.wikipedia.org/wiki/Quantity_theory_of_money is scientifically true.

On the other side, like I stated previously, initial supply (pre-mined coin) shouldn’t be too excessive, but rather match capitalization that a new crytocurrency typically gets at the beginning (around 20$) in order to get an exchange rate that can match the target in a reasonable amount of time.

[ytrezq]

For now, we'll have a standard emission curve which halves every number of blocks.

then stability isn’t possible

[Doum]

99% of those who say they will get Fiat with their crypto are lying because they can't do it. How many easy cryto fiat exchange are there after 1000 have promised that. just look at allt he ICO say they will have you know it's a scam.

As far I’m aware, all such cryptos claiming to do so only played on reducing or increasing inflation speed to some extent (while most of them just state it because it has a fixed maximum amount that can be created). Not decreasing total coin supply (or doing it in a centralized way which is like playing the role of a central bank). You effectively have fiat with https://tether.to, only as long one of their banks don’t go bankrupt (in which case their value drop down to almost 0) or the banking system of your country crash (which is why Zimbabwean can enjoy the rate of 1ᴜꜱᴅᴛ for 1.5 ᴜꜱᴅ due to black market fees for sending money out of the country for escaping capital controls).

The aim is to fully apply all parts of https://en.wikipedia.org/wiki/Quantity_theory_of_money which is definitely not scam but the basis of modern (post 70’s) economics theories. Decreasing the amount of coins available more than demand decrease must increase value since https://en.wikipedia.org/wiki/Quantity_theory_of_money is scientifically true.

On the other side, like I stated previously, initial supply (pre-mined coin) shouldn’t be too excessive, but rather match capitalization that a new crytocurrency typically gets at the beginning (around 20$) in order to get an exchange rate that can match the target in a reasonable amount of time.

I like the idea, but won't this result in a stationary price of the coin? Also, it could be exploited as there may be a lag between exchange APIs and the actual pricing of the coin, so people may be able to use nicehash to pump value and ruin the integrity of the coin. We'd also need a few dedicated devs working on this feature, which aren't available at the moment until the pre-mine is completed.
A little plus note, I think volatile cryptocurrencies (like bitcoin, crazy rising and falls) are much more fun to take part in, as it can result in mooning, and increased profit projections may get more involved with the project.

[ytrezq]

I like the idea, but won't this result in a stationary price of the coin? Also, it could be exploited as there may be a lag between exchange APIs and the actual pricing of the coin, so people may be able to use nicehash to pump value and ruin the integrity of the coin. We'd also need a few dedicated devs working on this feature, which aren't available at the moment until the pre-mine is completed.
A little plus note, I think volatile cryptocurrencies (like bitcoin, crazy rising and falls) are much more fun to take part in, as it can result in mooning, and increased profit projections may get more involved with the project.

Yes, the fiat exchange rate would be rather stationary (never more than +30% or −80% around target) except if the target rate isn’t performed against fiat. No this can’t be exploited as demonstrated by difficulty retargeting of dynamiccoin (just use the median value of highest ask or bid between the rate of exchanges arbitrage ensure price won’t vary). And several exchanges propose a price access through web sockets so we can have exchange rate lag less than a second (though this is all nodes which needs to query the rate).
I’m willing to to help for importing relevant dynamiccoin code and adding a minimal transaction fee requirement. on the deflation side the mining reward amount shouldn’t be fixed but varying according to price (I think this imply no reward halving should be done).

The real problem is it creates an other 51% attack surface were if there’s less than 3 exchanges, one of the exchange could literally tank the currency value by broadcasting inaccurate price over it’s ᴀᴘɪ (which is why dynamiCCoin price detection doesn’t work). If there’s three different exchanges, this is less a problem because if an exchange goes rogue, price isn’t affected.
This is why I think exchange price access should be scriptable and configurable through the .conf file instead of being hard coded (though we could hard code it initially and propose the retrocompatible scriptable upgrade later). Scriptable ᴀᴘɪ access would make easy to add or withdraw rogue exchanges quickly.

And unlike dynamic coin, if the price is destroyed, damage should always get recovered one day through the destruction mechanism (we’re talking about destroying several times more than what is created through mining). Once the destruction mechanism is active because of exchange rate, things
And again cryptocrurrencies which claims to provide fiat rely on wishfull thinking from capitalization level, but don’t act on https://en.wikipedia.org/wiki/Quantity_theory_of_money which states that if you decrease supply, price should decrease (deflation for counteraction inflation).

[Doum]

The vote for the total supply of the currency is now active! Vote here: http://www.strawpoll.me/14456456 !

[Grae]

20MM 20 000 000 sounds good to me

[Doum]

20MM sounds good to me

Million million? Or do you mean 20 million total? If 20m, nice choice

[Mellor46]

It all depends on the reward for the block. I would like to see 50M.